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Yamaha (7951) investor relations material
Yamaha Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Nine-month revenue declined 2.8% year-over-year due to weak market conditions in China and lower demand for professional audio equipment in Europe and the U.S.
Core operating profit fell 21.3% year-over-year, impacted by reduced sales of high-margin products and additional U.S. tariffs.
Net profit increased 41.3% year-over-year, supported by financial income and lower other expenses.
Full-year revenue forecast revised upward due to yen depreciation, but core operating profit forecast remains unchanged.
Structural reforms, including the termination of the Golf Products business, factored into Q4 results.
Financial highlights
Nine-month revenue: ¥341.0 billion; core operating profit: ¥25.1 billion (7.4% margin); net profit: ¥20.2 billion.
Year-on-year, revenue decreased by ¥7.9 billion and core operating profit by ¥7.4 billion, excluding exchange rates.
Third quarter revenue grew 1.7% year-over-year to ¥124.7 billion; core operating profit up 7.3% to ¥12.3 billion.
Full-year revenue projected at ¥462.0 billion, core operating profit at ¥33.0 billion, and net profit at ¥24.0 billion.
Dividend per share for FY2026.3 is forecast at ¥26.00, reflecting a 3-for-1 stock split.
Outlook and guidance
Full-year revenue forecast revised upward to ¥462.0 billion due to yen depreciation; core operating profit guidance unchanged at ¥33.0 billion.
Net profit forecast raised to ¥24.0 billion; basic EPS forecast raised to ¥53.32.
Exchange rate assumptions for Q4: 155 yen/USD and 180 yen/EUR.
Forecast revisions reflect improved profit before income taxes and higher net profit expectations.
Musical instruments revenue expected to rise, excluding pianos; audio equipment revenue projected to decline.
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